Outlook on May 21:
Analytical overview of popular currency pairs on the H1 TF:
The key levels for the EUR/USD pair are 1.2332, 1.2306, 1.2290, 1.2256, 1.2239, 1.2215, 1.2194 and 1.2161. The price has been moving in an upward trend since May 13. We expect this trend to extend after the price breaks through the 1.2239 - 1.2256 range. The target is set at 1.2290. After that, short-term growth and consolidation can be expected in the range of 1.2290 - 1.2306. The final potential upward target is 1.2332. After reaching it, a downward pullback can be expected.
In turn, short-term decline is possible in the range of 1.2215 - 1.2194. If the latter is broken, a deep correction will occur. The target is set at 1.2161, which is also the key support level.
The main trend is the local upward trend from May 13.
Trading recommendations:
Buy: 1.2257 Take profit: 1.2290
Buy: 1.2307 Take profit: 1.2332
Sell: 1.2215 Take profit: 1.2195
Sell: 1.2192 Take profit: 1.2164
The key levels for the GBP/USD pair are 1.4343, 1.4323, 1.4275, 1.4252, 1.4221, 1.4174, 1.4109, 1.4085, 1.4045 and 1.4007. The price has been moving in a bullish trend since May 13. We expect this trend to continue after the level of 1.4174 is broken. The first target is set at 1.4221. Its breakdown will allow us to move further to the next level of 1.4252. Afterwards, the price may consolidate in the range of 1.4252 - 1.4275. If the last value breaks down, it should be accompanied by a strong decline towards the potential target of 1.4343. After reaching it, the price may consolidate and pull back downwards.
A short-term decline is likely in the 1.4109 - 1.4085 range. If the level of 1.4085 breaks down, it will provoke the development of a downward trend. The first potential target is 1.4045, and the price may consolidate around it.
The main trend is the local upward trend from May 13.
Trading recommendations:
Buy: 1.4174 Take profit: 1.4220
Buy: 1.4221 Take profit: 1.4252
Sell: 1.4085 Take profit: 1.4047
Sell: 1.4043 Take profit: 1.4007
The key levels for the USD/CHF pair are 0.9020, 0.8993, 0..8976, 0.8956, 0.8942, 0.8919 and 0.8903. The price has been moving in a downward trend since May 12. We expect a short-term decline in the 0.8956- 0.8942 range. If the latter breaks down, strong decline will continue to the target of 0.8919. The ultimate potential downward target is 0.8903. After reaching this level, the price may consolidate and pull back upwards.
On the other hand, a short-term growth is expected in the range of 0.8976 - 0.8993. If the last value breaks down, a deep correction will follow. The target is set at 0.9020, which is also the key support level. The price breaking through it will cause the formation of initial conditions for an upward trend. The potential target is set at 0.9046.
The main trend is the downward trend from May 12.
Trading recommendations:
Buy: 0.8976 Take profit: 0.8991
Buy: 0.8995 Take profit: 0.9020
Sell: 0.8956 Take profit: 0.8943
Sell: 0.8940 Take profit: 0.8920
The key levels for the USD/JPY pair are 109.35, 109.10, 108.95, 108.72, 108.59, 108.28 and 108.09. We determined the next key targets from the local downward trend on May 20. Now, a short-term decline is possible in the 108.72 - 108.59 range. If the level of 108.59 breaks down, strong downward movement will continue to the target of 108.28. The final potential downward target is 108.09. After reaching it, an upward pullback may occur.
Meanwhile, a short-term growth can be expected in the range of 108.95 - 109.10. The breakdown of the latter will lead to the formation of an upward trend. The potential target is set at 109.35.
The main trend is the local downward trend from May 20.
Trading recommendations:
Buy: 108.95 Take profit: 109.10
Buy: 109.12 Take profit: 109.33
Sell: 108.72 Take profit: 108.61
Sell: 108.57 Take profit: 108.30
The key levels for the USD/CAD pair are 1.2282, 1.2240. 1.2189, 1.2143, 1.2081, 1.2053 and 1.2011. The price has been moving in a bullish trend since May 18. We expect this trend to resume after breaking through the level of 1.2143. The target is set at 1.2189, and the price may consolidate around it. If the level of 1.2190 is broken, the movement will continue to the next level of 1.2240. The ultimate potential upward target is 1.2282. After reaching this level, the price may pull back downwards.
A short-term decline is expected in the range of 1.2081 - 1.2053, hence we expect an upward reversal. If the latter breaks down, the downward trend will develop. The target is set at 1.2011.
The main trend is the formation of an upward trend from May 18.
Trading recommendations:
Buy: 1.2144 Take profit: 1.2188
Buy: 1.2190 Take profit: 1.2240
Sell: 1.2080 Take profit: 1.2054
Sell: 1.2051 Take profit: 1.2011
The key levels for the AUD/USD pair are 0.7851, 0.7817, 0.7785, 0.7766, 0.7715, 0.7702, 0.7673 and 0.7647. The situation here is in equilibrium state: an upward trend from May 13, and a downward potential from May 18. We expect the upward trend from May 13 to be abolished once the price breaks through the range of 0.7715 - 0.7702. If so, the target can be considered at 0.7673. The final potential downward target is 0.7674. After reaching it, an upward pullback may follow.
A short-term growth can be expected in the 0.7766 - 0.7785 range. If the level of 0.7785 breaks down, it will favor the development of an upward trend. The first target is 0.7817, which is the key resistance level for the subsequent development of an upward trend.
The main trend is an equilibrium situation.
Trading recommendations:
Buy: 0.7766 Take profit: 0.7784
Buy: 0.7787 Take profit: 0.7817
Sell: 0.7702 Take profit: 0.7675
Sell: 0.7671 Take profit: 0.7648
The key levels for the EUR/JPY pair are 134.10, 133.63, 133.40. 133.04, 132.48. 132.27, 131.98 and 131.61. The price has been moving in an upward trend since May 5. We expect this growth to continue after breaking through the level of 133.04. The target is set at 133.40. After that, a short-term growth and consolidation can be expected in the range of 133.40 - 133.63. The ultimate potential upward target is 134.10. After reaching it, a downward pullback may occur.
Alternatively, a short-term decline can be expected in the range of 132.48 - 132.27. If the latter is broken, a deep correction will occur. The target is set at 131.98, which is also the key support level. The pierce breaking through it will favor the development of a downward trend. The first target is 131.61.
The main trend is the local upward trend from May 5.
Trading recommendations:
Buy: 133.04 Take profit: 133.40
Buy: 133.41 Take profit: 133.61
Sell: 132.48 Take profit: 132.30
Sell: 132.25 Take profit: 132.00
The key levels for the GBP/JPY pair are 156.01, 154.97, 154.51, 153.42, 152.96 and 152.16. The price has been following the development of the bullish trend from April 23. In this case, we expect a short-term growth in the range of 154.51 - 154.97. The final potential upward target is set at 156.01, from which a downward pullback may occur.
A short-term decline, in turn, can be expected in the range of 153.42 - 152.96. If the latter breaks down, a deep correction will occur. The target is set at 152.16.
The main trend is the upward trend from April 23.
Trading recommendations:
Buy: 154.51 Take profit: 154.96
Buy: 155.00 Take profit: 156.00
Sell: 153.40 Take profit: 152.96
Sell: 152.94 Take profit: 152.20